On a sum of money, the simple interest for 2 years is Rs.660,while the compound interest is Rs. 696.30 , the rate of interest being the same in both the cases. The rate of interest is:
1: 10%
2: 10.5%
3: 12%
4: None of these

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Solution

Difference in C.I and S.I for 2 years

= Rs(696.30-660)

=Rs. 36.30.

S.I for one years = Rs330.

S.I on Rs.330 for 1 year =Rs. 36.30

Rate

= (100x36.30/330x1)%

= 11%

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On a sum of money, the simple interest for 2 years is Rs.660,while the compound interest is Rs. 696.30 , the rate of interest being the same in both the cases. The rate of interest is: 1: 10% 2: 10.5% 3: 12% 4: None of these

Difference in C.I and S.I for 2 years = Rs(696.30-660) =Rs. 36.30. S.I for one years = Rs330. S.I on Rs.330 for 1 year =Rs. 36.30 Rate = (100x36.30/330x1)% = 11%

On a sum of money, the simple interest for 2 years is Rs.660,while the compound interest is Rs. 696.30 , the rate of interest being the same in both the cases. The rate of interest is:
1: 10%
2: 10.5%
3: 12%
4: None of these

Difference in C.I and S.I for 2 years

= Rs(696.30-660)

=Rs. 36.30.

S.I for one years = Rs330.

S.I on Rs.330 for 1 year =Rs. 36.30

Rate

= (100x36.30/330x1)%

= 11%